{"slug":"how-block-trades-print-on-the-tape","qid":"report_lag","label":"Execution-to-tape lag by print size, AAPL, June 10, 2026","post_title":"How Block Trades Print on the Tape","post_url":"/blog/how-block-trades-print-on-the-tape#q-report_lag","columns":["print_size","p99_lag_ms","over_1s_pct"],"rows":[{"print_size":"under 1,000","p99_lag_ms":1434,"over_1s_pct":1.17},{"print_size":"1,000 to 4,999","p99_lag_ms":996,"over_1s_pct":0.96},{"print_size":"5,000 to 9,999","p99_lag_ms":995,"over_1s_pct":0},{"print_size":"10,000 and up","p99_lag_ms":1843,"over_1s_pct":1.14}],"shape":"ranking","sql":"SELECT\n    multiIf(size < 1000,  'under 1,000',\n            size < 5000,  '1,000 to 4,999',\n            size < 10000, '5,000 to 9,999',\n                          '10,000 and up')                        AS print_size,\n    round(quantileExact(0.99)(\n        toFloat64(dateDiff('millisecond', participant_timestamp, sip_timestamp))\n    ), 0)                                                         AS p99_lag_ms,\n    round(100 * countIf(dateDiff('millisecond', participant_timestamp, sip_timestamp) >= 1000)\n              / count(), 2)                                       AS over_1s_pct\nFROM global_markets.stocks_trades\nWHERE ticker = 'AAPL'\n  AND sip_timestamp >= toDateTime('2026-06-10 00:00:00', 'UTC')\n  AND sip_timestamp <  toDateTime('2026-06-11 00:00:00', 'UTC')\n  AND participant_timestamp >= toDateTime('2026-06-10 00:00:00', 'UTC')\n  AND participant_timestamp <= sip_timestamp\nGROUP BY print_size\nORDER BY min(size)","computed_at":"2026-08-20T15:23:35.423427+00:00","elapsed":0.002958763}